The installation and operation of renewable energy sources with a storage system has been delayed by a total of seven years. This was revealed on the Alpha Kalimera show by Christos Tsigkis, a business consultant in the renewable energy sector, explaining that the Republic of Cyprus could have secured an exemption as early as 2019, something that the then-Minister of Energy and the President of the Cyprus Energy Regulatory Authority (RAEK) did not seek.

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Mr. Tsigkis noted that the central storage system is a project funded by the EU’s Recovery and Resilience Facility and expressed his confidence that it will primarily help residential consumers, who are currently experiencing the “turmoil” of disconnections from their systems. He clarified that the storage system is expected to significantly reduce the cost per megawatt-hour by a factor of eight, compared to the price that prevailed a decade ago.

“It will benefit residential consumers first, and we’ll see this by the end of 2027. I believe that for consumers to benefit, the central storage system must be outside the market. It must not be part of the Competitive Electricity Market.”

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